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Abe ends run as Japan's longest-serving premier

  • Word that Japanese Prime Minister Shinzo Abe plans to resign due to health reasons saw the Nikkei fall 1.4% overnight, while the safe haven yen strengthened 0.5% against the dollar as the political uncertainty might prompt money to come back home.
  • "Monetary and fiscal policies will remain intact for now, but the mood will sour like it did last time," said Tsutomu Soma, a bond trader at Monex in Tokyo. "It is going to take a long time for Japan to see a long-standing administration again."
  • Abe, who has battled the chronic disease ulcerative colitis for years, returned as prime minister for a rare second term in December 2012, pledging to revive growth with his "Abenomics" mix of hyper-easy monetary policy, fiscal spending and reforms.
  • Who would replace him? Chief cabinet secretary Yoshihide Suga has served as Abe's right hand man since taking the post in 2012, while finance minister Taro Aso has also served as deputy prime minister.
  • Update: Abe has confirmed his resignation in a press conference, citing health reasons.
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